Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

Link(s):https://www.unitetheunion.org/news-events/news/2022/january/fca-staff-ballot-for-industrial-action/ Context Unite, the union which represents staff at the Financial Conduct Authority (FCA) has launched an indicative ballot of its members for industrial action...

Link(s):https://www.fca.org.uk/news/press-releases/fca-publishes-guidance-consultation-firms-who-seek-limit-their-liabilities Context The Financial Conduct Authority has published a consultation on proposed guidance for firms who seek to limit their liabilities by way...

Link(s):https://www.fca.org.uk/data/bi-insurance-test-case-insurer-claims-data Context In January last year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business...

Link(s):https://www.fca.org.uk/news/press-releases/fca-confirms-approach-european-firms-temporarily-operating-uk Context On January 18th 2022 the FCA issued a new webpage regarding the temporary permissions regime (TPR) and the action that the regulator may take....

Link(s):CP22/1: Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23 Context The PRA and the FCA set a limit for the total management expenses that the FSCS can levy on financial services firms. The MELL covers the costs of...

Link(s):https://www.fca.org.uk/firms/general-insurance-value-measures#revisions Context The FCA has updated it's webpage on Value Measures reporting. Under the new measures, general insurance firms are expected to publish a report covering the period 1st July 2021 –...

Link(s):https://www.fca.org.uk/publication/policy/ps22-1.pdf Context In November 2020 the FCA published a Consultation Paper CP 20/22 outlining proposed policy changes to the way it will apply fees from 2021/22. This was followed by a further Consultation Paper in...

Link(s): PS21/11: General insurance pricing practices - amendments Context We are aware that general insurance firms and premium finance providers have started to receive e-mails from the FCA in relation to the first General Insurance Pricing Practices Senior Manager...

Link(s):General insurance value measures Context The FCA has sent an e-mail to insurance firms to remind them about the REP019 General Insurance Value Measures Report, which is introduced as follows: Submission for Reporting Period Ending 31/12/2021 Is Now Available...

Link(s):https://www.fca.org.uk/events/operational-resilience Context The FCA has announced that it will be hosting a webinar which will look at its Operational Resilience Policy. This will be an opportunity for firms to hear from the FCA ahead of the March 2022 first...

Link(s):https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures Context Following criminal charges for money laundering failings pursued by the FCA, National Westminster Bank Plc (NatWest) has been fined £264,772,619.95....

Link(s):FCA and Practitioner Panel publish findings from 2021 joint survey | FCA Context The FCA and the Practitioner Panel have published a report from their 2021 joint survey of FCA regulated firms.  The survey gives views across the financial services sector of the...

Link(s):https://www.fca.org.uk/publications/discussion-papers/dp21-5-compensation-framework-review Context The Financial Conduct Authority (FCA) has published a Discussion Paper which aims to maintain a compensation framework that provides appropriate protection for...

Link(s):FCA sets out fees proposals for 2022/23 | FCA Context The FCA has announced that it has published a its annual Fees Consultation Paper, CP21/33: Regulatory fees and levies proposals for 2022/23, which sets out the Regulator’s proposed policy changes to the way...

Link(s):Whistleblowing quarterly data 2021 Q3 | FCA Context The FCA has published its Q3 2021 Whistleblowing data showing the number of new whistleblowing reports it received in July to September and the allegations they featured. Key points to note In 2021 Q3...

Link(s):Annual Public Meeting 2021: Responses to unanswered questions (fca.org.uk) Context The FCA has published a Q&A document outlining answers to unanswered questions arising at its 2021 Annual Public Meeting. There are 54 questions in all, a number of which...

Link(s):MCE Insurance Company Limited enters administration | FCA Context The FCA has published an announcement on its website to confirm that MCE Insurance Company Limited (MCE) has entered administration.  MCE is an insurance firm authorised and regulated by...

Link(s):Business interruption insurance test case – Insurer claims data Context In January this year the FCA sent a Dear CEO letter to insurers affected by the Test Case which explained that it intended to gather information on all non-damage Business Interruption...

Link(s):PS21/11: General insurance pricing practices - amendments Context The FCA has updated its web page in relation to the Policy Statement PS21/11 to confirm that it has published draft wordings for the first and second/subsequent Senior Manager Attestations in...

Link(s):General insurance value measures Context The FCA has published a ‘reminder’ web page in relation to general insurance value measures data reporting. In its General Insurance (GI) add-ons market study (MS14/1) the FCA identified poor product value as an area of...

Link(s):PS21/11: General insurance pricing practices - amendments Context The FCA has updated its web page in relation to Policy Statement PS21/11 (pricing practices amendments and clarifications) to include updated information about the Senior Manager Attestation,...

Link(s):A strategy for positive sustainable change Context Nikhil Rathi, the FCA CEO, has announced and set out the FCA’s strategy for what it is calling positive sustainable change in a speech delivered at the COP26 UN Climate Change Conference. Key points to note...

Link(s):Complaints data | FCA Context Every six months the FCA publishes data in relation to complaints. The two types of data published are firm specific and aggregate. Firm specific data includes data from individual firms that have reported 500 or more complaints...

Link(s):Financial regulators publish fourth edition of plan for upcoming work Context The FCA has announced that the Financial Services Regulatory Initiatives Forum has issued the fourth edition of the Regulatory Initiatives Grid. The FCA, in this Grid publication, is...

Context In line with the FCA’s stated objectives in its 2021/22 Business Plan, the FCA has issued a survey questionnaire to what appears to be a large sample of Principal firms in relation to their ARs / IARs. We are aware that one firm that has just one AR has...

Context The FCA has published its responses to four Panel reports. Key points to note The Financial Services Consumer Panel Annual Report 2020/21FCA response to the Financial Services Consumer Panel 2020/21 ReportThe Smaller Business Practitioner Panel Annual Report...

Link(s):https://www.fca.org.uk/news/press-releases/cfrf-publishes-second-set-guides-help-financial-industry-effectively Context The CFRF has been running since March 2019 and is chaired jointly by the Prudential Regulation Authority (PRA) and the Financial Conduct...

Link(s):Financial promotions quarterly data 2021 Q3 Context The FCA has published its quarterly financial promotions data for Q3 2021. The data shows the number of financial promotions that have been amended or withdrawn due to non-compliance with FCA rules. The FCA...

Link(s):Regulating for better outcomes - next steps in consumer credit Context The FCA has published the drafted text of a speech delivered by Nisha Arora, Director of Consumer and Retail Policy, given at Westminster Business Forum. Although the main theme of the...

Link(s):https://www.fca.org.uk/publication/correspondence/llm-portfolio-letter-september-2021.pdf Context On 28th September the FCA issued the 2021 portfolio letter to Lloyd’s & London Market Insurers, which has now been published onto the FCA’s website. The...

Link(s):https://www.fca.org.uk/firms/remote-hybrid-working-expectations Context The FCA has published a new page on its website which contains its expectations on remote or hybrid working so firms can plan and continue to meet their regulatory responsibilities. Key...

Link(s):https://www.fca.org.uk/publication/policy/ps21-5-questions-answers.pdf Context As part of their work on General Insurance Pricing Practices the FCA published a Q&A document alongside the publication of PS 21/5.  On 1st October 2021 the FCA updated the...

Link(s):Financial Crime: analysis of firms’ 2017-2020 REP-CRIM data | FCA Context This publication provides analysis of the REP-CRIM submissions for the three reporting periods between 2017-2020. For these periods the FCA received a total of 5,685 REP-CRIM submissions...

Link(s):https://www.fca.org.uk/news/news-stories/fca-prohibits-ifa-mortgage-adviser-fitness-propriety-failings Context A financial advisor has been prohibited from performing any regulated activity within the financial services industry on the grounds that he cannot...

Link(s):https://www.fca.org.uk/news/speeches/regulatory-perspective-measuring-assessing-culture-diversity-inclusion Context Sheldon Mills, the FCA’s Executive Director for Consumers and Competition delivered his speech at the Investment Association on 22nd September...

Context In its most recent Regulatory Round-Up e-mail, the FCA has reminded firms about its product value and coronavirus guidance. Key points to note The FCA published the findings of its review into how firms responded to its requirements and expectations of their...

Context In its most recent Regulatory Round-Up e-mail, the FCA has commented, from an operational resilience perspective, on preparing for the switch from analogue to digital phone lines. Key points to note The current analogue phone network (known as the Public...

Context In its most recent Regulatory Round-Up e-mail, the FCA has communicated changes to the Appointed Representative Notification process. Key points to note From 16th September 2021, Principal firms submitting Appointed Representative notifications via Connect...

Context In its most recent Regulatory Round-Up e-mail (sign up for FCA e-mail updates here), the FCA has provided an update on SMR and CF (AR) applications. Key points to note The FCA communicated in December 2020 about the delays in determining SMR (Senior Manager...

Link(s):Seizing opportunity – challenges and priorities for the FCA Context Nikhil Rathi, FCA CEO, has delivered a speech at the Lord Mayor's City Banquet at Mansion House. Key points to note The speech noted that: The FCA took extraordinary measures to protect...

Link(s):FCA to move faster to remove unused firm permissions Context The FCA has issued a press release and has confirmed on its website that it has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are...

Link(s):https://www.fca.org.uk/firms/innovation/green-fintech-challenge Context The FCA has announced that the application window for the second Green FinTech Challenge is open. The first Green FinTech Challenge was held in 2018. The purpose of the Green FinTech...

Link(s):https://www.fca.org.uk/news/speeches/risks-token-regulation Context Charles Randell, Chair of the FCA and PSR, gave a speech to the Cambridge International Symposium on Economic Crime on 6th September 2021. Key points to note While platforms’ efforts to crack...

Link(s):CP21/27: Quarterly Consultation Paper No. 33 (fca.org.uk) Context The FCA has issued its next Quarterly Consultation Paper, No. 33, as CP21/27.  There are a number of items included within the Consultation with differing consultation periods, two of which...

Context As members of the Association of Professional Compliance Consultants (APCC) UKGI occasionally receives communications from the FCA before they are announced on its website.  On 27th August we received such a communication from the APCC with regard to the...

Link(s):https://www.fca.org.uk/news/news-stories/consumer-alert-consumers-insurance-broker-firm-professional-construction-risks-ltd-pcrl Context On 11th December 2020 the FCA imposed various requirements on PCRL through a Supervisory Notice. PCRL was required to...